Grains-Wheat slides after Putin cites possibility of on Ukraine peace deal

Corn and soybean prices tracked the weakness in wheat.

CBOT corn Cv1 dropped 2.3% to $5.31-1/4 a bushel after hitting a three-year high on Wednesday, while soybeans Sv1 fell 0.9% to $12.99 following a 2-1/2-year high in the previous session.

The corn market has been supported since last month by falling expectations for U.S. harvest yields, while soybeans have been boosted by a run of Chinese purchases.

The market will get an update on overseas demand later on Thursday from weekly U.S. grain export sales figures.

U.S. and European wheat futures tumbled on Thursday, retreating from multi-year highs, after Russian President Vladimir Putin said there was a chance of a peace agreement to end the war in Ukraine.